Concepts Definitions
nnnn• Agency Disclosure: A written statement, often on a form approved by the Real Estate
nnnnCommissioner, that explains the duties of various types of real estate agents (seller’s
nnnnagent, buyer’s agent, and dual agent) to all parties in a transaction. Its purpose is to clarify
nnnnthe agency relationships.
nnnn• Principal: The client or customer (buyer, seller, landlord, or tenant) who appoints an
nnnnagent to represent them in real estate dealings. The agent owes fiduciary duties to their
nnnnprincipal.
nnnn• Listing Broker: The real estate broker who has an employment contract (listing
nnnnagreement) with a property seller to market and sell their property. They are responsible
nnnnfor providing agency disclosure to their seller-principal.
nnnn• Selling Broker / Buyer’s Agent: The broker who represents the buyer in a transaction. In
nnnnreal estate terminology, a buyer’s agent is often referred to as a “selling agent”. They are
nnnnresponsible for providing agency disclosure to their buyer-principal.
nnnn• Cooperating Broker: A broker who works with the listing broker, typically representing
nnnnthe buyer, and often a member of a multiple listing service (MLS). As a buyer’s
nnnnrepresentative, they would be c
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